| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 03, 2024 |
referred to budget and revenue |
| Feb 17, 2023 |
referred to budget and revenue |
Senate Bill S4952
2023-2024 Legislative Session
Sponsored By
(D, WF) 31st Senate District
Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee
Actions
co-Sponsors
(D) 26th Senate District
2023-S4952 (ACTIVE) - Details
2023-S4952 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4952
SPONSOR: JACKSON
TITLE OF BILL:
An act to amend the tax law, in relation to expanding the empire state
child credit to cover children under age four, and doubling the credit
for young children
PURPOSE:
This bill would ensure that families with children under the age of four
are eligible to receive the empire state child credit.
SUMMARY OF PROVISIONS:
Section 1 amends Section 606 of the Tax Law by removing the requirement
that children be over the age of four in order for families with chil-
dren under the age of four to qualify for the empire state child credit
and doubles that credit to 66% for those children included in this bill.
Section 2 is the effective date.
2023-S4952 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4952
2023-2024 Regular Sessions
I N S E N A T E
February 17, 2023
___________
Introduced by Sens. JACKSON, GOUNARDES -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Budget and
Revenue
AN ACT to amend the tax law, in relation to expanding the empire state
child credit to cover children under age four, and doubling the credit
for young children
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 1 of subsection (c-1) of section 606 of the tax
law, as amended by section 1 of part P of chapter 59 of the laws of
2018, is amended to read as follows:
(1) A resident taxpayer shall be allowed a credit as provided herein
equal to the greater of one hundred dollars times the number of qualify-
ing children of the taxpayer or the applicable percentage of the child
tax credit allowed the taxpayer under section twenty-four of the inter-
nal revenue code for the same taxable year for each qualifying child.
Provided, however, in the case of a taxpayer whose federal adjusted
gross income exceeds the applicable threshold amount set forth by
section 24(b)(2) of the Internal Revenue Code, the credit shall only be
equal to the applicable percentage of the child tax credit allowed the
taxpayer under section 24 of the Internal Revenue Code for each qualify-
ing child. For the purposes of this subsection, a qualifying child shall
be a child who meets the definition of qualified child under section
24(c) of the internal revenue code [and is at least four years of age].
The applicable percentage shall be thirty-three percent OR SIXTY-SIX
PERCENT FOR CHILDREN UNDER AGE FOUR FOR THE TAXABLE YEAR BEGINNING IN
TWO THOUSAND TWENTY-FOUR. For purposes of this subsection, any reference
to section 24 of the Internal Revenue Code shall be a reference to such
section as it existed immediately prior to the enactment of Public Law
115-97.
§ 2. This act shall take effect April 1, 2024.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04093-01-3
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